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Depending how one looks at the S&P 500 chart can give you either a bullish or bearish forecast. Itz believes that the $SPX will rally into the end of the year and maybe getting primed to breakout as the midterm elections get closer. Why? Gridlock, the market loves to see Washington not spend money.
We saw proof of this in the early 90's under the Clinton Administration, when the markets took off after the 1994 midterms. The market has been rallying today off of the global news, from China (PMI), Australia & India news, although the ADP jobs report was -10k, the market was oversold. The next several weeks will be choppy, this Friday's monthly Jobs Report from BLS will be significant. Next week we should see everyone back from vacation and volume will increase and expect to get a more solid picture on where we go from here.